Ascometal Ends Talks, Seeks Court Protection

29 Mar 2024 CW Team

Swiss Steel Group's French subsidiary, Ascometal, announced on Wednesday the termination of exclusive talks with Italian steelmaker Acciaiere Venete regarding the sale of several of its sites in France, marking a setback in the company's efforts to restructure its operations.

The decision comes after negotiations initiated in December failed to culminate in a sale agreement, prompting Ascometal's management to pivot towards seeking court protection for the assets earmarked for sale. This move aims to provide additional time to explore alternative options for divestment.

Ascometal is now set to pursue court protection for various entities including its plants in Hagondange (located in Moselle), Custines (in the Meurthe-et-Moselle region), and Le Marais (in the Loire area). Additionally, the company intends to include the activities and workforce of CREAS, its research center, in the divestment process.

The decision underscores the challenges facing Ascometal in navigating the complexities of the steel industry, particularly amidst fluctuating market conditions and strategic shifts among key players. The failure to finalize the sale reflects the intricacies involved in such transactions and the need for careful consideration of various factors.

Ascometal's move to seek court protection highlights the company's determination to explore all available avenues to secure the future of its operations in France. Despite the setback, the company remains committed to finding a suitable buyer for its assets and ensuring continuity for its workforce.

The developments in Ascometal's divestment efforts also shed light on broader trends within the French steel industry, as companies grapple with structural challenges and seek to adapt to evolving market dynamics.

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